(Thank you Bulldog for sending this to Recaps.)
BULLDOG75: IMF TAPS YUAN FOR RESERVE CURRENCY
June 15, 2015
According to sources and other info herein, the Yuan will become a reserve currency before the end of the year and probably sooner rather than later. Gold is a golden GCR. When the yuan reserves, gold will glitter and explode on the Shanghai
Other currencies along with Dinar and Dong will follow.
Also keep in mind that China/ BRICS have other options here. They can play their own ball game, in their own park, with their own rules by having their own banks and agencies. Collectively they have almost cornered the gold market. Does China/BRICS need the IMF, World Bank, BIS?
The International Monetary Fund, which holds the key to the Chinese yuan becoming an international reserve currency through a review of its Special Drawing Rights basket, has sent a team to Beijing on Monday.
An IMF statement on Monday said the team will discuss the technical aspects of including the yuan as a reserve currency with Chinese officials.
The five-yearly review of the SDR basket is due by year-end.
IMF Managing Director Christine Lagarde has said earlier that the real question is ‘when’ not ‘if’ the yuan qualifies.
Germany, Australia and France have supported the yuan’s bid to be added.
“We’re supportive of China’s efforts to integrate its economy into the world’s economy,” Australian Finance Minister Mathias Cormann said earlier this year.
The IMF team’s preliminary assessments to label reserve-currency status for the yuan would be announced in July.
According to the IMF, selections of currencies for the SDR basket are based on two criteria – the size of the country’s exports and whether its currency is freely useable.
The SDR, an international reserve asset, currently comprises the US dollar, Japanese yen, British pound and euro.